China, Citibank financing Jamaica cranes
The Port Authority of Jamaica is financing the purchase of gantry cranes for the expansion of the Kingston Container Terminal with a combination of loans from the Export-Import Bank of China and U.S.-based Citibank.
The loans total US$30.1 million and have been secured by a Jamaican government guarantee approved by the Jamaican House of Representatives. Jamaican officials noted that port authority revenues exceed expenses, and that the port has an established record of repayments on past financing packages.
The port plans to increase the Kingston Terminal, operated by APM Terminals, from a capacity of 1.5 million twenty-foot equivalent units (TEUs) per year to 3.2 million TEUs, the spokesman said. The expansion is scheduled for completion by the end of 2007.
China, Citibank financing Jamaica cranes
